Apollo Global Management Inc. has agreed to take a stake in GI Alliance, the biggest gastroenterology practice in the US, as part of a physician-led buyout that values the company at $2.2 billion.

GI Alliance’s physician owners have agreed to buy back a minority equity stake of roughly 30% from Waud Capital Partners, according to a statement reviewed by Bloomberg News. Apollo-managed funds from its hybrid value business are leading the investment. The private equity firm will also get two seats on the company’s board.

Apollo is making a $785 million investment through an equity strip that includes preferred and common equity, according to a spokesperson.

Apollo had about $515 billion assets under management as of the end of June. 

Read more: BNN Bloomberg